Data released by Preqin shows 92% of hedge fund assets are
controlled by the top 11% of managers. Interestingly, of the 570
funds that topped the $1 billion in assets under management
plateau, those established before 1992 were the largest,
averaging $20 billion AUM. Ray Dalio's Bridgewater is the world's
largest hedge fund with $169.5 billion AUM, dwarfing second
placed AQR Capital Management, which has $64.9 billion
AUM.

The Financial Industry Regulatory Authority is trying to make it
easier for investors to understand how they would be impacted by
their broker moving to another firm. FINRA specifically wants
investors to understand how their broker would be financially
compensated if their account was moved to the new firm, what
assets can't be transferred and the cost of selling those assets,
as well as how the products of the new firm differ from those of
the old firm.Comments on the changes will
be accepted through July 13, 2015.

UBS says US corporate pension funds are nearing dangerous levels
as unfunded liabilities grew by more than $180 billion in 2014.
The solvency ratio of retirement schemes of Russell 1000
companies tumbled to 81 percent last year, from 87 percent in
2013. The number being so close to the 80 percent level should
put the entire corporate pension space on alert. UBS
suggests yields on long-dated US Treasuries could fall by as
much as 40 basis points as private pensions plow money into the
space to meet their future obligations.

Market participants are widely expecting the Federal Reserve to
raise interest rates later this year. However, a new survey from
the Fed highlights why the central bank is in no hurry.
Respondents were asked if they would like to work more, less, or
the same amount of hours if their wage was unchanged, and 36%
responded by saying they wanted more work. The data highlights
the issue of underemployment, suggesting wage pressure is still
not where the Fed wants it to be. This could result in the
central bank holding off on a rate hike for the time being.

About 100,000 taxpayers were victims of a data breach at the
Internal Revenue Service. Fox Business reports, "The breach at
the IRS is particularly onerous because the information included
on tax returns is especially detailed and personal – information
that includes back account numbers, childrens’ names and ages,
health care expenses, addresses of various residences, etc…" This
type of breach is particularly troubling, because the information
that was stolen is used as an added measure of security for
password protected accounts. The IRS believes the data was stolen
in an attempt to submit false returns for next year's
filings.